The Hindu Business Line : UCO Bank Q1 net rises to Rs 142 cr

UCO Bank has announced a 4.4 per cent growth in net profit to Rs 142 crore during the quarter-ended June 30, 2004 against Rs 136 crore during the corresponding period in the previous fiscal.

The Chairman and Managing Director of the bank, Mr V.P. Shetty, said the total business was up by 25 per cent at Rs 56,934 crore up to June 2004. The bank has targeted Rs 1-lakh crore business by 2006-07.

Deposits were up by 23 per cent at Rs 37,053 crore at the end of first quarter of this fiscal while loan advances grew by 30 per cent to Rs 19,881 crore, Mr Shetty said.

The bank's net NPA has come down to 3.35 per cent from 3.8 per cent a year ago.

Mr Shetty said the bank plans to raise Rs 350 crore through bonds which includes a greenshoe option of Rs 50 crore. The proceeds from the bonds would be used for financing infrastructure projects.

With the Rs 350-crore, the bank's capital adequacy would improve to 12 per cent by this year from 11.8 per cent during 2003-04, Mr Shetty said.

He said that the bank would launch debit and credit cards in association with MasterCard or VISA.

Mr Shetty said that the bank plans to extend loans up to Rs 10 lakh to those wishing to subscribe to the forthcoming IPO of TCS.

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